Prime Minister Shehbaz Sharif has announced a significant reduction in electricity prices for both domestic and industrial consumers. For domestic users, the price will drop by Rs 7.41 per unit, bringing the rate to Rs 38.37 per unit. Industrial consumers will see a Rs 7.59 per unit reduction, lowering their rate to Rs 40.60 per unit. This move is expected to provide substantial relief amid rising costs.
During the announcement, the Prime Minister highlighted that high electricity prices had hindered Pakistan’s industrial and agricultural growth. He acknowledged the challenges ahead but stressed the importance of working together to improve the economy. He also discussed the government’s efforts to restore trust with the International Monetary Fund (IMF), which initially rejected the idea of reducing electricity prices.
PM Shehbaz Sharif also reflected on the difficult times when his government first took office, with Pakistan on the brink of default. He recalled the fears of the business community and the nation, as well as efforts to prevent the country’s financial collapse. Despite obstacles, he praised the nation’s sacrifices and collective efforts in stabilizing the economy and preventing default.
In closing, the Prime Minister discussed various reforms and initiatives that helped reduce inflation, such as the significant drop in petroleum prices and interest rates. He urged the nation to continue working towards economic stability, focusing on reducing subsidies, increasing remittances, and improving agriculture and mineral resource management for long-term growth.
